Federal Reserve Bank of Richmond Reviews | Glassdoor

Federal Reserve Bank of Richmond Reviews

Updated March 12, 2018
80 reviews

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3.5
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Tom Barkin
2 Ratings

80 Employee Reviews

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Pros
  • Casual dress encouraged and work/ life balance (in 20 reviews)

  • Potential for long term employment with great benefits including pension plan (in 14 reviews)

Cons
  • Not innovative due to a lot of "process" requirements and red tape (in 6 reviews)

  • However, the work / life balance is getting better and better due to the leveraging of telecommunications (in 3 reviews)

More Pros and Cons

  1. "Research Associate"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Balanced with work and life

    Cons

    Might be boring at some point


  2. "Good benefits, no upward mobility"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Analyst in Richmond, VA
    Former Employee - Senior Financial Analyst in Richmond, VA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Good benefits, staff is competent

    Cons

    No leadership opportunities, little is spent for development and training.

    Advice to Management

    Management is out of touch with staff members. Better communication is needed.

  3. "FRIT, don't get too excited..."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    - Nice people
    - FRIT has a fantastic benefits plan

    Cons

    things to expect and things to watch out for:
    1. recruiting - speculative
    that position you applied for may not actually exist yet, or ever. In my personal experience positions are being advertised and interviews conducted before they have budget approval. and yes, sometimes the position is cancelled between the interview and selection phases.

    2. the interview - reasonable.
    if your know your subject matter you should have no problem. most of the people i've encountered there are good to work with.

    3. the selection process - do not be in a hurry, this can drag on for several months. if something else comes along while waiting you should probably take it.

    4. the offer - prepare to be underwhelmed
    FRIT has a fantastic benefits plan, the best i have ever seen. but the salary component of their compensation program is 20-25% below market. i've turned away 2-3 FRIT positions because the salary was so low. even if you do make it through the first three phases there is some probability you will walk away disappointed.

    5. career development - get comfortable
    the organization is mostly static. do not expect mobility, either upwards or sideways.


  4. Helpful (2)

    "Big titles, little to no experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Individual Contributor in Richmond, VA
    Current Employee - Individual Contributor in Richmond, VA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    I think other reviews have summarized them well: compensation, retirement, etc.

    Cons

    "Cultural Corruption" and "Hired on False Pretenses" said it best, incompetence is prevalent and widely accepted. Job descriptions are a joke and don't normally align with what you do. So if you are applying for a job, just know that there is a good chance you will not do anything close to what is written and if you do, that could change over night. If you are considering applying and think you are not qualified, apply anyway. The organization regularly hires and promotes people subjectively and actual qualifications have little if anything to do with decisions. There is a common theme in all reviews - lots of " people" problems. It is no wonder why this organization has so many of these problems because the HR department is not equipped to solve them. HR leaders at the highest levels do not have HR credentials. The Chief HR officer was recently profiled and while learning about her hobbies and interests was intriguing, what stood out was her non existent job related credentials. With all of the diversity and inclusion issues the organuzation has, the leaders of that area don't have credentials either. Like other areas, HR leadership quality ranges from incompetence to mediocrity. The organization needs dynamic, courageous and credentialed leaders in all areas to address the myriad of issues it has and to understand and use best practices to hire and retain top talent. Top talent should be encouraged and positioned to use and develop their skills throughout their careers. Too often talented people either leave, submit or hit a glass ceiling because those are the only available options.

    Advice to Management

    Read your job description and make sure you can and are doing the job. Hire and promote qualified people and allow them to do the job they were hired to do.


  5. "Senior Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Can't beat the benefits package.

    Cons

    Constant budgetary constraints due to pressures from Washington, DC.


  6. "New leaders can mean new opportunities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Great colleagues and benefits. Changing culture is good...less stuffy. Casual dress encouraged and work/ life balance.

    Cons

    Still a bit too down but getting better. Beloved COO retiring. Hope the new CEO doesn't try to change the culture. He's an outsider. But seems decent.

    Advice to Management

    Don't try to go fast with new leaders. Value the talent and leverage it.


  7. "Analyst"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    Good compensation and educational assistance.

    Cons

    Environment and pace of change might be slower than the private sector.

  8. Helpful (2)

    "Business Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Enjoyed the people that I worked with. A lot of opportunities to transfer within the organization.

    Cons

    Typical business politics - Officers of the organization are placed on a high pedestal, making decisions when they are often out of touch with the day-to-day

    Advice to Management

    When there's an entire team that resigns, with some working with the Fed for more than 20 years - it just might be the manager.


  9. Helpful (7)

    "Cultural Corruption"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    Compensation and Benefits such as the following:
    401K and Pension
    Telework
    Work/Life Balance
    Paid Time Off
    Medical benefits
    Education assistance

    Cons

    The Federal Reserve is a great organization to work for given its mission to serve the nation’s economy but the people within the Richmond Fed have corrupted the culture. Supervision and Regulation is the perfect example of the cultural corruption that exists and will continue to permeate unless meaningful change transpires. Leadership within the department lack the required competencies to effectively lead. Other Glassdoor reviewers have alluded to this contagion as well.

    If you are interested in working for The Federal Reserve Bank of Richmond you must be prepared to accept the following terms:

    • Technical skills undermine interpersonal skills. Expect to be bullied, patronized and marginalized.
    • Ambition is undesirable. Employees are inhibited from developing their careers unless you are one of the “chosen”. The “chosen” are usually unqualified and subservient.
    • Hard work and intelligence is not rewarded and is generally not the basis for rewards and recognition. Leadership engages in collusive behaviors to reward and terminate.
    • The motivation to address diversity and inclusion is superficial. Sameness and exclusion persists. Management and HR trot around willfully blind to the countless issues that remain and habitually lie to your face to ensure placation.
    • HR approaches issue resolution with protection of the organization as the main concern. The Richmond Fed’s reputation takes precedence over employee concerns.
    • Employees are positioned in restricted silos without the ability to exercise their knowledge, skills and abilities. An individual’s KSAs often go unused because management is incapable of recognizing and investing in talent that can positively and exponentially influence change.

    If you are unable to accept these terms, seek employment elsewhere.

    Advice to Management

    Break the cycle by hiring more from outside of the organization to fill leadership roles to get rid of the infection. Hire leaders that are capable of effecting change.


  10. Helpful (2)

    "IT Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Manager in Richmond, VA
    Former Employee - IT Manager in Richmond, VA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond (More than 10 years)

    Pros

    Great benefits, flexible work from home arrangements, generous time off, great 401k match and pension plan

    Cons

    Slow to change, people spend more time trying to avoid work than doing it, poor upper management, no value of long term employees, huge disconnect between upper management and employees.


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